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Eldershield Upgrade Comparison [2019]: The Ultimate Guide

Are you looking for the best Eldershield upgrade comparison? 

If you are then this is the most comprehensive review you’ll ever need (or find)! 

I’ll be comparing head to head Aviva’s Mycare, Great Eastern’s Eldershield Comprehensive and Ntuc’s Primeshield.

Let’s get started!

 1. What is Eldershield Supplement Plans and Should You Upgrade?

Eldershield Supplement plans are the same as eldershield upgrade. Your insurance agent may call it enhanced eldershield. 

They are meant to serve as an add-on to your existing basic eldershield plan.

Basically it gives you higher payout amount, longer payout duration and additional features such as the “dependent benefit” and “get well benefit”. 

Should You Upgrade?

Ask yourself this question:

Is the basic eldershield coverage of $400/ month for 6 years enough if you need long-term care?

If your answer is no, then look into upgrading your Eldershield.

Keep in mind that by the time you need long term care, you probably will not have any income coming in. And $400 today will only be worth about $200 twenty years later due of inflation.

If you want to upgrade your eldershield, then read on for the ultimate comparison between the 3 insurance companies. 

2. Which Eldershield Supplement Pays Out More

I’m sure you want the best bang for your buck when choosing the right upgrade option. 

To help you do that, we went ahead and analyzed the premium tables from Aviva, Ntuc and Great eastern.

Here are some of the things we looked out for:

  • % Return on premiums 
  • Coverage($) per dollar of premiums paid
  • The lowest total premium if you don’t make a claim
  • The highest monthly allowance per month (by fulling utilizing your Medisave up to the cap limit of $600 per year)

Here are the assumptions…

  • Only uses Medisave to pay – No cash
  • Sign up at age 41 (results between the companies shouldn’t differ too much if you sign up at a later age)
  • I chose the longest premium term possible. (This lowers your annual premium to ensure that you’re able to pay for it using only Medisave)
  • Claim at age 70
  • Claims for 10.6 years (which is the expected years in ill health according to TODAYonline)

And here’s the results:

The highest % return on premium paid goes to Aviva Mycare. So for every dollar of premium paid, you will get back $10.78 in payout for men and $8.29 for ladies.

NTUC income has the cheapest total premium if you don’t need to make a claim.

And for the highest monthly payout amount (fully utilizing the Medisave cap limit), it’s Aviva Mycare again at $1,600/ month for males and $1,200/ month for females.

Now let’s look at some of the different features.

3. Eldershield Supplement Features Comparison

Benefits for your dependants

It’s going to be tougher if you become disabled and your children are still schooling. 

To give you an extra layer of support, here is what Aviva and Income will provide:

Aviva — $200 per month for 36 months 

Ntuc — additional 20% of the monthly benefit for 36 months.

If you are paying only with your Medisave, both companies work out to be pretty similar. But if you are 43yo and above, Aviva actually gives out more as compared to Income.

Recovery Benefits

If you initially claim under 3 out of 6 Activities of daily living (ADL) and gets better (2/6 ADL), your claim will stop.

But under Aviva Mycare, you’ll still be able to get 50% of the monthly benefit as you’ll probably still need help and treatment.

What if you fully recover from disability?

Ntuc income will give you 3X of your monthly benefit to help kick start the next phase of your life.

2/6 ADL

The usual definition of severe disability is the inability to perform 3 out of 6 ADLs.

 But what if yours is less severe and you can’t perform 2 out of 6 ADL?

Most likely you won’t be able to work and you are not eligible to make a claim. 

That’s a terrible place to be at! 

So for Aviva Mycare and Great Eastern’s Eldershield Comprehensive, they provide options for you to make a claim if you hit 2 out of 6 ADL instead of 3 out of 6 ADL (premium is higher but still payable with Medisave).

Premium period

All 3 companies have a different premium payment period. 

Since the standard retirement age is at 65yo, both Aviva and Ntuc has the option to stop paying the premium at age 65. But of course, the premium will be higher since the period is shorter.

On the other hand, Great eastern has only one option at age 80.

So which is better?

It really depends on your situation. 

If it were me, I would choose to pay the premium for life. 

Two simple reasons:

1) The premium per year is lower since the payment period is being stretched out. This ensures that my Medisave interest, which is generated automatically up to 5% per year, is enough to pay for the premium. 

Everybody has a different Medisave balance, so do log into CPF and check how much you have.

If you have more than enough interest generated from your Medisave, you’ll have no problem paying the premium even for the next 10,000 years!

2) Since there’s premium waiver upon making a claim, I think it makes sense to have the lowest premium amount possible by stretching out your premium period.

If someone were to make a claim at age 67, he would have finished all his payment under Ntuc. But if he were under Great Eastern or Aviva, all his future premiums that are yet to be paid, will be waived.

How amazing is that!

Now let’s look at discounts and perks.

4. Discounts and Perks

Aviva $100 discount + Exclusive privilege card (tremendous discount for health and wellness programme such as health screenings)

Income No promotion currently

Great Eastern No promotion currently

And when you upgrade with any of the above companies through us, you can redeem $30 Ntuc shopping vouchers!

5. Verdict

Here’s what I think:

If you want the highest payout per month, go with Aviva Mycare.
Aviva Eldershield upgrade gives you the highest monthly allowance at $1,600 per month.

If you want to save cost then go with Ntuc Income.
Let’s say you don’t need to make a claim, Income’s Primeshield has the lowest overall premium.

If you are looking for an easier claim definition, then go with either Great eastern or Aviva.
They have the option for us to choose 2 ADL instead of 3 ADL.

If you are looking for value, choose Aviva.
In the event of a claim, Aviva will give you back more disability income per dollar of premium paid. See the table above for more details.

Still confused and not sure which to go for? 

Let us do a free personalized comparison for you. Click here to get more info.

Either way, I hope this article has been able to give you insights into the different eldershield upgrade options.

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